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Cipla plans to raise Rs 4,000 crore
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SME Times News Bureau | 20 Dec, 2016
Pharma major Cipla on Monday said that it plans to raise Rs 4,000 crore
through the issue of various securities, subject to regulatory
approvals.
The decision to raise the targeted fund was taken by
its Board of Directors, the pharma major said in a regulatory filing to
the BSE.
The company disclosed that it plans to raise "funds up
to Rs 2,000 crores by issue of equity shares or American depository
receipts or global depository receipts or foreign currency convertible
bonds or other securities/financial instruments, whether denominated in
Indian rupee and/or foreign currency(ies), though a public issue or a
private placement in accordance with the provisions of the applicable
law".
It plans to raise another Rs 2,000 crore via the issue of non-convertible debentures (NCDs) or bonds.
"Raising
funds upto Rs 2,000 crore by issue of non-convertible debentures (in
form of bonds or otherwise) or bonds, whether denominated in Indian
Rupee and/or foreign currency(ies), though a public issue or a private
placement in accordance with the provisions of the applicable law," the
filing said.
The filing elaborated that fund raising is subject to necessary permissions and approvals.
"The
company is seeking approval of shareholders to the aforesaid enabling
resolutions by means of postal ballot," the filing added.
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